The rising DeFi activity is causing an upward trend for Cardano, with its total value (TVL) reaching $200 on July 14. This rise marks a new year high, with the peak coinciding with the capital inflows. Cardano (ADA’s) market capitalization also experienced nearly $2 billion in inflows, while the token rose 15%.
Discussing this one-year-high victory, Cardano’s founder Charles Hoskinson credited Ripples’ victory as an upward-turning point for the crypto industry.
The highest total value for Cardana was $209 million, which retraced to $192 million while forming the report.
Insights Into The TVL Statistics
Nearly 600 million ADA tokens are locked in DeFi platforms. In fact, while writing this report, it stands at an annual high of 587 million. Reaching this milestone is an indicator of the elevated decentralized finance (DeFi) activity on Cardano in 2023. More and more traders seem to be engrossed with decentralized applications standing on this network.
Further, the rising total value is attached to the trading volume highs in the decentralized exchange (DEX) of the network. This year’s commencement brought good news for Cardano as it witnessed a rise in its transaction volume, which peaked in June at $274.81 million.
Moreover, the early July data indicates a steady pace at which this data is trending, revealing a $92.85 million as of June 15.
Significant Growth of ADA’s Market Cap
ADA’s market cap coincided with its total value rise and demonstrated tremendous growth, reaching nearly $13 billion on July 14. The cash inflow between July 13 and 14 for ADA was $2.10 billion, which enhanced its market cap from $10.11 to $12.89 billion. Further adjustments got the value to $11.70 billion.
The rise in ADA’s total value seems to have a stark correlation with the surge in its market cap. Last week’s peak for ADA stood at $0.37, which showcased over 16% gain. Still, the past 24 hours saw a decline in this value to $0.31, which shows a decrease of 2.5%.
Hoskinson Credits XRP For The Boom
Another news concerning Charles Hoskinson, the founder of Cardano, states his pleasure and celebration mode for Ripple’s victory. He applauded Ripple’s CEO, Brad Garlinghouse, and CTO, David Schwartz, through a tweet, saying, “Well done, XRP. One small step for XRP nation, one giant leap for cryptocurrencies.”
He hailed the team and commended the XRP community for the significant stride for the crypto community, despite the criticisms they faced earlier.
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